Housing market is terrific, if you are rich

It’s starting to feel as if there are two housing markets. One for the rich — and international buyers — and one for everyone else. In the housing market inhabited by most Americans, prices have fallen 30% or more since the peak in 2007. That’s a steeper decline than during the Depression. Some people have had their homes on the market for a year without a single offer.
Almost a quarter of American homeowners owe more on their house than it’s worth. Another quarter have less than 20% equity. About half of homeowners couldn’t get a mortgage if they applied today, says Paul Dales, senior U.S. economist for Capital Economics……………………………………….Full Article: Source